Payments platform Wirex introduces Wirex Credit for cryptocurrency-backed loans that allow users to borrow up to $100,000 in stablecoins, with a loan-to-value (LTV) of up to 80%, according to the press release of Tuesday, July 5.

“This is a landmark in Wirex providing more ways for everyday users to use crypto, and we’ve made it as convenient and easy as possible for our customers to take out a crypto-backed loan,” said Pavel Matveev, CEO and co-founder of Wirex.

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“Wirex’s vast ecosystem of products means there are huge opportunities for using Wirex Credit, from HODLing to debit card purchases, or using the Wirex wallet to earn in DeFi protocols,” Matveev added.

The new product allows users to access credit regardless of market conditions. Tied to its app, Wirex is the first company in the world to develop an encrypted card, according to the statement. Credit can be spent anywhere Visa or Mastercard is accepted.

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“Wirex Credit is set to shake up the competitive landscape, offering a near-instant loan of up to $100,000 issued in USDC, USDT and NXUSD. There will be no set-up fees, setup fees, or credit and accessibility check requirements, and users can borrow up to five lines of credit at a time,” the statement said. .

Based in London and founded in 2014 by Matveev and CEO Dmitry Lazarichev, Wirex offers transparent and secure ways to store, buy, trade, spend and earn variable interest on crypto and traditional currency. Its new credit offering adds to its suite of DeFi products at CeFi. Late last year, the startup launched a consumer non-custodial wallet with a biometric access system and next-generation user experience.

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Users can transfer loans from the Wirex app to the Wirex wallet, allowing them to earn crypto through staking and locking after connecting it to DeFi protocols such as Nereus Finance, according to the release.

“Wirex recently invested $5 billion of its native token, WXT, into Nereus for its rewards mechanism, where Nereus has since grown into one of the fastest growing DeFi platforms ever.” depending on the version.